Rangemore Releases Second Quarter Results
23 Julio 2013 - 9:12AM
OTC Markets
Rangemore Releases Second Quarter Results
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Rangemore Releases Second Quarter Results
PR Newswire
MIAMI BEACH, FL, July 23, 2013
MIAMI BEACH, FL, July 23, 2013 /PRNewswire/ - Rangemore Film
Productions Corp. ("Rangemore") (formerly Auctions
International Inc.)(OTCPINK:RANF) today announces its 2013
second quarter results. The June 30,
2013
financial statements along with a quarterly report which includes
an
undated "Issuer Information And Disclosure Statement" are available
for
download from Rangemore's website at
www.rangemorefilmproductions.com or through OTC Markets at
www.otcmarkets.com.
The highlights of the report are:
Current assets have grown from $955
in June 2012 to $395,234 in June
2013, an increase of $394,279
over a one year period;
Total assets have increased from $444,679 in June
2012 to $721,219 in
June 2013;
Accounts payable have increased from $0.00 in 2012 to $83,456 in 2013.
This is a result of the merger with Rangemore Productions
Corp.
Rangemore is now a viable business with ongoing expenses and
obligations relating to operations;
Amounts owing to management has increased to $144,072 due to management
supporting the company and paying corporate expenses
personally;
Due to stockholder's liability has decreased $79,039 as a result of a
debt settlement
Revenue for the six months ended June
2013 was $155,553 compared to
$0
generated over the same period last year.
"Prior to the merger, Rangemore (formerly Auctions International
Inc.)
had generated a total of $5,000 in
revenue in seven years of
operations. Since the merger, Rangemore has generated
$155,553 in the
first six months. This shows that we are a real company
trying to do
real things" stated Andrew
McLaughlin, CEO of Rangemore. "We are now
entering the expansion phase of our business plan and are currently
in
negotiations to acquire a property suitable for conversion into a
full
service film and sound studio well positioned to service the
rapidly
expanding Asian film industry. We are very excited about
the
possibilities this opportunity presents and are aggressively
working
toward closing. In addition, we are currently reviewing a
number of
movie projects with intent to acquire revenue royalties." continued
Mr.
McLaughlin.
About Rangemore Film Productions Corp. (Formerly Auctions
International
Inc.)
Rangemore Film Productions Corp. is a publicly traded company who
in the
business of operating film studios and co-producing independent
film
productions.
Rangemore is currently in the process of identifying and
acquiring
studio suitable properties in four key markets: Asia; South
Africa;
Europe and North America. Potential acquisition
sites will have to
meet certain criteria including: a low cost per square foot;
easy
conversion into usable studio space; established local
infrastructure;
establish local film industry; limited or non-existent
competition;
available government tax incentives and mortgage financeable.
The
identified acquisitions will be either purchased outright
utilizing
debt funding and tax credit incentive programs or leased on a long
term
basis.
Along with the studio operations, Rangemore will be actively
investing
in and co-producing independent film productions. Currently
Rangemore
has a preliminary agreement to participate in the royalties of
an
independent film production being developed in the United Kingdom. The
agreed upon terms will allow Rangemore to purchase interest in the
film
royalties in exchange preferred shares for up to a maximum of 10%
of
the total royalties. The final terms and a definitive
agreement are in
the process of being prepared.
Rangemore Film Productions Corp. is a Development Stage Company,
as
defined by Financial Accounting Standards Board ("FASB")
Accounting
Standards Codification ("ASC") 915, Development Stage Entities, and
has
not yet generated significant revenues from their intended
business
activities.
Forward Looking Statements
Except for the historical information contained herein, the
matters
discussed in this press release are forward-looking statements.
Actual
results may differ materially from those described in
forward-looking
statements and are subject to risks and uncertainties. See
Auction
International Inc's filings with OTCMarkets which may identify
specific
factors that may cause actual results or events to differ
materially
from those described in the forward-looking statements.
SOURCE Rangemore Film Productions Corp.
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